Illinois Gov. Pat Quinn is defending a massive increase in state income taxes and promises to sign the bill passed by lawmakers quickly.Lawmakers worked overnight Wednesday to pass the increase to raise the personal income tax rate from 3 percent to 5 percent for four years.
Democrats in Springfield have approved a major tax increase. The Illinois House and Senate passed a bill to raise the income tax by 67 percent. Under the plan, corporate taxes would also go up.Democrats spent days scrambling to retool the package.
Top legislative leaders in Springfield are still trying to work out a way to increase taxes. It's unsure if the General Assembly will vote on the issue before the end of the session next week. Proponents say a tax increase will help balance the state's multi-billion dollar deficit.
The Put Illinois to Work program will end in mid-January.The program provides government-subsidized $10 per hour jobs at no cost to employers.Some critics questioned the cost of a program that doesn't guarantee permanent jobs.
Chicago's business community is already preparing to add a casino downtown, even before the gambling expansion gets approval from state legislators.The Illinois legislature is looking for ways to close a budget gap that could reach $15 billion.